Report Industry Investment Ratings - Thread: ☆☆☆, indicating a short-term balance of long/short trends with poor operability on the current market, suggesting waiting and seeing [1] - Hot Roll: ☆☆☆, same as above [1] - Iron Ore: ☆☆☆, same as above [1] - Coke: ★☆☆, representing a bullish bias, with a driving force for price increase but poor operability on the market [1] - Coking Coal: ★☆★, not clearly defined in the star - rating description [1] - Silicon Manganese: ★★☆, indicating a clear long - position trend, and the market is fermenting [1] - Silicon Iron: ★★☆, same as above [1] Core Viewpoints - The supply pressure of steel products is gradually easing, but the overall domestic demand is weak. The market is in a short - term range - bound, and attention should be paid to macro - policy changes [2] - Iron ore has a large supply pressure, but with the sign of iron - water production bottoming out and the expectation of winter - storage replenishment by steel mills, the short - term price is supported, and the future trend is expected to be volatile [3] - Coke and coking coal have abundant carbon - element supply, and although the downstream demand has some resilience, the steel mills still have a strong willingness to suppress prices. After the price corrects the premium/discount, it still faces fundamental pressure, and there is intensified capital game on the market due to the expectation of stimulus policies [4][6] - For silicon manganese, affected by the rebound of the market, the spot price of manganese ore has increased. The port inventory of manganese ore has a structural problem, and the supply and demand are relatively fragile. It is recommended to try long positions at low prices [7] - For silicon iron, the market expects a decrease in power cost and semi - coke price. The overall demand is still resilient, the supply has decreased significantly, and it is recommended to try long positions at low prices [8] Summary by Related Catalogs Steel Products - The thread market is in a weak and volatile state in the off - season. The apparent demand has declined, the production has increased slightly, and the inventory has continued to decline. The hot - roll demand has recovered, the production has increased slightly, and the de - stocking has accelerated, but the pressure still needs to be alleviated. The supply pressure is gradually easing, and the profit of steel mills has improved marginally [2] - The real - estate investment decline has continued to expand, the investment growth rate of infrastructure and manufacturing has continued to decline, the domestic demand is still weak overall, the steel export remains at a high level, and the December PMI has rebounded to 50.1, but the sustainability needs to be observed [2] Iron Ore - The global shipment of iron ore has increased month - on - month, reaching a new high this year. The domestic arrival volume has decreased month - on - month but is expected to increase in the future. The port inventory has continued to accumulate at a high level at the beginning of the week [3] - The profitability of steel mills has improved recently, the iron - water production last week was basically stable, and it is expected to be at the bottom of the stage, with little possibility of further significant reduction in the future [3] Coke - The price has oscillated downward during the day. The fourth round of price reduction has been fully implemented, the coking profit is average, and the daily production has slightly decreased. The inventory has increased slightly, and the downstream purchases on demand in small quantities, while the purchasing intention of traders is average [4] Coking Coal - The price has oscillated during the day. The production of coking coal mines has slightly decreased. Some mines have reduced or stopped production at the end of the year due to factors such as safety production and completion of the annual production task. The spot auction transactions are okay, the transaction price has increased slightly, and the terminal inventory has slightly increased [6] Silicon Manganese - The price has oscillated during the day. Driven by the market rebound, the spot price of manganese ore has increased. The port inventory of manganese ore has a structural problem, and the balance is relatively fragile. The smelting end may change the manganese - ore formula, and the demand for cheaper semi - carbonate ore may increase [7] - The iron - water production has declined seasonally, the weekly production of silicon manganese has decreased slightly, and the inventory has decreased slightly. Attention should be paid to the impact of "anti - involution" [7] Silicon Iron - The price has oscillated downward during the day. The market expects an increase in coal supply, which may lead to a decrease in power cost and semi - coke price. The iron - water production has rebounded to a high - level range, the export demand has decreased to above 20,000 tons, and the marginal impact is not significant [8] - The production of magnesium metal has increased month - on - month, the secondary demand has increased marginally, the overall demand is still resilient, the supply has decreased significantly, and the inventory has decreased slightly. Attention should be paid to the impact of "anti - involution" [8]

Core Viewpoint - The launch of China's first demonstration project for CO_2 capture and resource utilization from converter gas marks a significant breakthrough in the steel industry regarding carbon capture and resource utilization [1] Group 1: Project Overview - The project is a collaboration between Beijing University of Science and Technology and Binxin Steel Group, achieving a full-chain closed loop of CO_2 "capture - conversion - reuse" [1] - The project embodies the national "dual carbon" strategy, focusing on the innovative concept of "turning waste into treasure and treating carbon with carbon" [1] Group 2: Technological Innovation - The project utilizes a unique technological pathway to capture high-concentration CO_2 emissions from converter gas, purifying it for direct reuse in steelmaking processes [1] - The project represents a transformation from "useless waste gas" to "resource recycling," from "environmental burden" to "benefit driver," and from "unit technology" to "system integration" [1] Group 3: Environmental and Economic Impact - The project is expected to capture 30,000 tons of CO_2 annually, reducing CO_2 emissions by 60,000 tons per year and saving 10,000 tons of standard coal [1] - The initiative will also lead to a reduction of over 4,000 tons of dust and smoke at the source, promoting the simultaneous governance of gas, smoke, and CO_2 [1] - The project aims to increase the proportion of high-end steel products by 18% and reduce CO_2 emissions per ton of steel by over 20 kilograms [1] - The chairman of Binxin Steel Group stated that the project will convert the annual reduction of over 60,000 tons of CO_2 into downstream products with a "zero-carbon label," achieving a win-win situation for environmental and economic benefits [1]

Market Performance - The Hong Kong stock market indices saw significant gains in the afternoon, with the Hang Seng Tech Index rising by 1.74%, while the Hang Seng Index and the China Enterprises Index increased by 0.86% and 1.12% respectively, approaching the 26,000-point mark [1] Key Stocks and Sectors - Major technology stocks acted as market indicators, with Baidu surging nearly 9%, and other companies like NetEase and Xiaomi rising over 2%. JD.com, Tencent, Alibaba, and Meituan also experienced gains [1] - Semiconductor stocks strengthened due to favorable AI infrastructure news, with InnoCare Technologies leading the rise with over a 15% increase, and major player SMIC up over 4% [1] - Geopolitical risks led to a spike in international oil prices, benefiting the "Big Three" oil companies, with CNOOC rising nearly 4% [1] - The market is anticipating Tesla's Optimus project, with a potential U.S. robot executive order expected to be released in 2026, resulting in a noticeable rise in robotics stocks [1] - The National Development and Reform Commission encouraged major companies in the alumina sector to pursue mergers and acquisitions, leading to a rebound in aluminum and non-ferrous metal stocks [1] Underperforming Sectors - Wind power stocks declined sharply, with leading company Goldwind Technology falling nearly 11%. Nuclear power stocks also dropped, along with weak performances in aviation, building materials, cement, steel, insurance, and gaming sectors [1] New Listings - Six new stocks were listed on the Hong Kong market today, with notable performances including InnoCare Technologies up 24.66%, Meilian Holdings up 7.6%, Wuyi Vision up 29.9%, Linqingxuan up 9.3%, XunCe up 1%, and Woan Robotics closing flat [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Last week, the coking coal and coke futures showed a volatile trend. With weak demand and supply contraction, the fundamental driving force was not strong. The terminal demand was at a low level. Steel mills maintained their coke production, with a slight increase in the daily average coke output and a month - on - month increase in inventory. Coking enterprises turned from profit to loss, with a significant contraction in profits mainly due to the strong coking coal prices. Coking coal inventory continued to increase due to poor demand and enhanced year - end safety repairs. Overall, with marginal contraction in supply and demand and weak fundamental drivers, it is expected that coking coal and coke will mainly fluctuate [1][5][6] Summary by Relevant Catalogs Transaction Data - SHFE rebar closed at 3118 yuan/ton, down 1 yuan or 0.03%, with a total trading volume of 4,998,891 lots and a total open interest of 2,309,982 lots - SHFE hot - rolled coil closed at 3283 yuan/ton, up 14 yuan or 0.43%, with a total trading volume of 1,750,294 lots and a total open interest of 1,238,912 lots - DCE iron ore closed at 783.0 yuan/ton, up 3.0 yuan or 0.38%, with a total trading volume of 1,134,250 lots and a total open interest of 567,104 lots - DCE coking coal closed at 1115.5 yuan/ton, up 7.5 yuan or 0.68%, with a total trading volume of 6,630,132 lots and a total open interest of 660,689 lots - DCE coke closed at 1720.0 yuan/ton, down 20.0 yuan or 1.15%, with a total trading volume of 107,944 lots and a total open interest of 34,179 lots [3] Market Review - **Downstream**: Terminal demand was at a low level. Steel mills maintained coke production. The daily average coke output increased slightly, and inventory increased month - on - month. The profitability rate of steel mills last week was 37.23%, a month - on - month increase of 1.30 percentage points and a year - on - year decrease of 12.55 percentage points. The daily average pig iron output was 226.58 tons, a month - on - month increase of 0.03 tons and a year - on - year decrease of 1.29 tons. The daily average coke output was 46.8 (month - on - month + 0.31) tons, with a capacity utilization rate of 85.52% (- 0.21). Coke inventory was 642.2 (+ 847) tons, and the available days of coke were 12.01 (+ 0.29) days [5] - **Mid - stream**: Coking enterprises turned from profit to loss, with a significant contraction in profits mainly due to the strong coking coal prices, adjustment of coke output, and a significant increase in inventory. The national average profit per ton of coke was - 18 (month - on - month - 34) yuan/ton. Last week, the capacity utilization rate was 71.66% (- 0.39); the daily average coke output was 62.67 (- 0.31) tons, and the coke inventory was 92.4 (+ 1.14) tons [1][5] - **Upstream**: At the year - end, safety repairs were enhanced, and mine production declined. Due to poor demand, coking coal inventory continued to increase. The approved capacity utilization rate of 523 coking coal mine samples was 84.2%, a month - on - month decrease of 2.4%. The daily average raw coal output was 187.4 tons, a month - on - month decrease of 5.4 tons, and the raw coal inventory was 483.1 tons, a month - on - month increase of 4.2 tons. The daily average clean coal output was 74 tons, a month - on - month decrease of 1.8 tons, and the clean coal inventory was 282.9 tons, a month - on - month increase of 10.1 tons [1][6] Industry News - Premier Li Qiang chaired a meeting of the leading group for the preparation of the "15th Five - Year Plan" Outline Draft, emphasizing the need to plan major projects, carriers, etc., to accumulate new momentum for future development and support current economic operations - Beijing further optimized and adjusted the housing purchase restriction policy, including relaxing the conditions for non - local households, reducing the social security or individual income tax payment years, allowing multi - child families to buy an additional house, and adjusting mortgage interest rates and down - payment ratios - Some cities such as Handan, Baoding, Xingtai, and Xi'an launched heavy - pollution weather emergency responses, and Anhui issued a provincial orange warning for heavy - pollution weather - The National Fiscal Work Conference was held, stating that a more proactive fiscal policy would be continued in 2026, with an expansion of fiscal expenditure and optimization of government bond tools. Six key tasks were required for fiscal work in 2026, including boosting consumption and increasing investment in key areas [7][11] Relevant Charts - The report includes multiple charts such as the basis trend of coke and coking coal, the futures and monthly spread trends of steel products, and the trends of production, capacity utilization, inventory, and profit - related indicators of coking coal and coke [10][13][17]

Core Viewpoint - Chinese scientists have developed a groundbreaking "green hydrogen ironmaking" technology that efficiently extracts iron from aluminum industry waste, red mud, significantly improving extraction rates, reducing costs, and minimizing carbon emissions, thus transforming a problematic waste into a valuable resource [1][15][25] Group 1: Technology Overview - The "green hydrogen ironmaking" technology utilizes hydrogen plasma to ionize hydrogen gas into high-energy particle streams, effectively breaking chemical bonds in iron oxides within red mud for efficient iron extraction [9] - This new technology reduces the reaction temperature from over 1200°C to approximately 900°C, significantly lowering energy consumption and shortening reaction time from hours to just a few minutes [9][11] - The iron extraction rate reaches 88.1%, more than double that of traditional methods, with an iron grade of 71%, surpassing previously obtained low-grade iron [11] Group 2: Environmental Impact - The technology produces almost no harmful alkaline residues and negligible waste gas emissions, contributing to reduced carbon emissions and supporting global carbon neutrality goals [11][15] - Traditional methods not only require high energy but also generate significant CO2 emissions, exacerbating climate change [5][7] Group 3: Economic Potential - Initial trials in regions like Guangxi have shown promising results, with annual iron powder recovery reaching several hundred thousand tons, laying the groundwork for large-scale application [17] - Although current costs are slightly higher than imported ores, the reduction in shipping costs and tariffs makes the overall economic benefits considerable, with expectations for further cost reductions in the coming years [17] Group 4: Resource Recovery and Industry Development - The technology not only addresses iron extraction but also aims to recover other valuable resources such as rare earth elements, aluminum, and titanium from red mud, enhancing its economic value [13][19] - The extracted materials can serve as important raw materials for emerging industries, promoting the development of related sectors and contributing to a circular economy [19] Group 5: Global Recognition and Future Prospects - The technology has attracted significant attention both domestically and internationally, with plans for technology transfer to international aluminum companies, indicating its growing global competitiveness [21] - As the global demand for red mud processing solutions increases, the "green hydrogen ironmaking" technology is poised to become a leading method for red mud treatment worldwide [21][23]

1. Report Industry Investment Ratings - No information about the industry investment ratings is provided in the reports [1][3][5][6] 2. Core Views of the Reports Steel - Current steel production continues to decline and inventory is being reduced. Production cuts support steel prices, and with the stabilization of coking coal prices, steel prices are recovering from the low level. However, due to weak demand, the upward driving force is insufficient. It is expected that steel prices will fluctuate in a range, with rebar fluctuating between 3000 - 3200 and hot - rolled coil between 3150 - 3350. The rebar production has stopped falling, and the inventory reduction has slowed down. The 1 - 5 positive spread can gradually exit the market. Attention should be paid to the opportunity of going long on the 5 - month rebar - iron ore ratio expansion [1] Iron Ore - In the short term, it is difficult for the iron ore supply - demand contradiction to form a trend - based decline. The price is expected to fluctuate. It is recommended to mainly operate within the short - term range of 760 - 810 for the 05 contract. Future attention should be paid to the BHP negotiation situation, molten iron trend, and steel mill restocking rhythm [3] Coke and Coking Coal - The supply and demand of coke have weakened. After three rounds of spot price cuts, the basis has weakened, and the rebound driven by expectations is difficult to sustain. It is recommended to take profit on the long positions of the coke 2605 contract and switch to short - selling on rallies. For coking coal, the rebound expectation has been overdrawn in advance, and it is also recommended to take profit on long positions and switch to short - selling on rallies [5] Ferrosilicon and Ferromanganese - For ferrosilicon, although the supply - demand contradiction needs to be alleviated, the production cut expectation has been priced in, and the improvement expectation on the demand side in the follow - up is insufficient. The price rebound lacks sustainability. It is expected that the price will fluctuate in the range of 5500 - 5700 in the short term. For ferromanganese, the current supply - demand has been priced in, and there is no clear trend - based rebound signal. It is recommended to consider short - selling when the price rebounds above the spot cost in Ningxia and mainly conduct short - term operations [6] 3. Summary According to Relevant Catalogs Steel Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China are 3310, 3170, and 3260 yuan/ton respectively, with changes of - 10, 0, and 0 yuan/ton compared to the previous value. Hot - rolled coil spot prices in East China, North China, and South China are 3280, 3180, and 3260 yuan/ton respectively, with changes of 10, 0, and 0 yuan/ton compared to the previous value [1] Cost and Profit - The billet price is 2950 yuan/ton with no change, and the slab price is 3730 yuan/ton with no change. The profits of East China and North China hot - rolled coils are - 3 and - 99 yuan/ton respectively, both decreasing by 3 yuan/ton [1] Supply - The daily average molten iron output is 226.6 tons with no change. The output of five major steel products is 796.8 tons, a decrease of 1.1 tons or - 0.1%. Rebar output is 184.4 tons, an increase of 2.7 tons or 1.5% [1] Inventory - The inventory of five major steel products is 1258.0 tons, a decrease of 36.8 tons or - 2.8%. Rebar inventory is 452.5 tons, a decrease of 18.3 tons or - 4.0% [1] Transaction and Demand - The building materials trading volume is 8.3 tons, a decrease of 1.3 tons or - 13.9%. The apparent consumption of five major steel products is 835.3 tons, a decrease of 1.7 tons or - 0.2% [1] Iron Ore Iron Ore - Related Prices and Spreads - The warehouse receipt costs of various iron ore powders such as Carajás fines, PB fines, etc. have increased slightly, with increases of 0.1% - 0.3%. The 05 - contract basis of various iron ore powders has also increased, with increases of 3.0% - 5.0% [3] Supply - The 45 - port arrival volume (weekly) is 2646.7 tons, a decrease of 76.7 tons or - 2.8%. The global shipment volume (weekly) is 3464.5 tons, a decrease of 128.0 tons or - 3.6% [3] Demand - The daily average molten iron output of 247 steel mills (weekly) is 226.6 tons, a decrease of 2.6 tons or - 1.2%. The 45 - port daily average desilting volume (weekly) is 313.5 tons, a decrease of 5.7 tons or - 1.8% [3] Inventory Changes - The 45 - port inventory (weekly) is 15682.46 tons, an increase of 169.8 tons or 1.1%. The imported ore inventory of 247 steel mills (weekly) is 8724.0 tons, a decrease of 110.3 tons or - 1.2% [3] Coke Coke - Related Prices and Spreads - The prices of Shanxi and Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) remain unchanged. The coke 01 contract price is 1589 yuan/ton, a decrease of 13 yuan or - 0.8%, and the 05 contract price is 1739 yuan/ton, a decrease of 7 yuan or - 0.4% [5] Supply - The daily average output of all - sample coking plants is 62.7 tons, a decrease of 0.3 tons or - 0.5%. The daily average output of 247 steel mills is 46.8 tons, an increase of 0.3 tons or 0.7% [5] Demand - The molten iron output of 247 steel mills is 226.6 tons, with no change [5] Inventory Changes - The total coke inventory is 912.6 tons, an increase of 12.2 tons or 1.4%. The coke inventory of all - sample coking plants is 92.2 tons, an increase of 1.1 tons or 1.3% [5] Coking Coal Coking Coal - Related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remains unchanged, and the price of Mongolian 5 raw coal (warehouse receipt) is 1165 yuan/ton, a decrease of 6 yuan or - 0.5%. The coking coal 01 contract price is 1047 yuan/ton, a decrease of 7 yuan or - 0.7%, and the 05 contract price is 1132 yuan/ton, a decrease of 8 yuan or - 0.74% [5] Supply - The raw coal output of Fenwei sample coal mines is 853.4 tons, a decrease of 2.7 tons or - 0.3%, and the clean coal output is 438.2 tons, a decrease of 0.6 tons or - 0.1% [5] Inventory Changes - The clean coal inventory of Fenwei coal mines is 126.5 tons, an increase of 6.6 tons or 5.2%. The coking coal inventory of all - sample coking plants is 1036.3 tons, an increase of 3.4 tons or 0.3% [5] Ferrosilicon Ferrosilicon Spot Prices and Spreads - The closing price of the ferrosilicon main contract is 5692.0 yuan/ton, an increase of 36.0 yuan. The spot prices of 72% FeSi in Inner Mongolia, Qinghai, etc. have different changes, with the Inner Mongolia price remaining unchanged and the Qinghai price increasing by 1.0% [6] Cost and Profit - The production cost of Inner Mongolia is 5772.7 yuan/ton, a decrease of 6.7 yuan or - 0.1%. The production profit of Inner Mongolia is - 202.7 yuan/ton, a decrease of 3.2% [6] Supply - The ferrosilicon production (weekly) is 100 tons, a decrease of 0.1 tons or - 1.3%. The operating rate of ferrosilicon production enterprises (weekly) is 29.5%, a decrease of 0.8% or - 2.6% [6] Demand - The ferrosilicon demand (weekly) is 18 tons, with no change. The 247 - steel - mill daily average molten iron output (weekly) is 226.6 tons, a decrease of 2.6 tons or - 1.2% [6] Inventory Changes - The ferrosilicon inventory of 60 sample enterprises (weekly) is 6.4 tons, a decrease of 0.2 tons or - 2.4% [6] Ferromanganese Ferromanganese Spot Prices and Spreads - The closing price of the ferromanganese main contract is 5846.0 yuan/ton, an increase of 14.0 yuan or 0.24%. The spot prices of FeMn65Si17 in Inner Mongolia, Guangxi, etc. remain unchanged [6] Cost and Profit - The production cost of Inner Mongolia is 5492.0 yuan/ton, a decrease of 48.0 yuan or - 0.9%. The production profit of Inner Mongolia has a certain change [6] Supply - The ferromanganese production (weekly) is 193 tons, an increase of 0.4 tons or 2.3% [6] Demand - The ferromanganese demand (calculated by Steel Union) is 113 tons, an increase of 0.0 tons or 0.24% [6] Inventory Changes - The inventory of 63 sample enterprises (weekly) is 38.6 tons, an increase of 0.1 tons or 0.4% [6]

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Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the credit bond market, focusing on the outlook for 2026 and the performance of various sectors within the industry, including local government financing platforms (城投) and non-bank financial institutions. Core Insights and Arguments 1. **2025 Credit Bond Market Performance**: The credit bond market in 2025 is expected to be stable, with coupon yields providing solid returns, particularly during the March allocation window. However, long-term credit bonds face challenges as the credit spread for long-term bonds is expected to widen, making trading more difficult [3][5]. 2. **Investment Opportunities in 2026**: The focus for 2026 will be on the value of coupon yields in a volatile market, with attention on the transformation of local government financing platforms, risks in financial and industrial bonds, and opportunities arising from the expansion of southbound investment channels [6][11]. 3. **Risks in a Low-Interest Environment**: There is a need to be cautious of tail risks in the current low-interest environment, emphasizing the importance of fundamental research to understand valuation fluctuations and liquidity loss [7][49]. 4. **Transformation of Local Government Financing Platforms**: The transformation of local government financing platforms is accelerating, which will significantly impact local government construction. The focus will be on policy guidance to ensure the successful resolution of hidden debt issues [8][9][12]. 5. **Regional Disparities**: Investment demand is increasing in coastal regions and first-tier cities, while some southwestern and northern regions face significant debt pressure and limited financing support [2][14]. 6. **Institutional Behavior Impact**: The expansion of wealth management scale has increased demand for short-term credit bonds, while the decline in fund sizes has reduced allocations for medium to long-term bonds. This shift in institutional behavior significantly affects pricing and demand structures [10][11]. 7. **Future of Local Government Financing**: Local government financing platforms are expected to gradually de-platform, no longer assuming debt responsibilities, yet they will remain crucial for local government operations in the next 5-10 years [12][13]. 8. **Policy Adjustments**: Recent policy adjustments have aimed to alleviate fiscal pressures, including the resumption of issuing special bonds and flexible adjustments in their usage [16]. 9. **Credit Risk in Non-Bank Financial Institutions**: Non-bank financial institutions face various risks, including market, liquidity, credit, and refinancing risks. The central bank's new liquidity support mechanism aims to prevent individual liquidity issues from escalating into systemic risks [4][27][29]. 10. **Investment Strategy for 2026**: The investment strategy should focus on identifying coupon yield opportunities, recognizing credit risks based on fundamentals, and observing structural changes and opportunities from the product and institutional behavior perspectives [11][60]. Other Important but Potentially Overlooked Content - The credit bond market is expected to face a significant gap in high-yield assets in 2026, with a large volume of high-yield deposits maturing, which could push credit spreads and yields higher [47][48]. - The performance of the real estate sector remains uncertain, with ongoing liquidity and credit risk issues, particularly highlighted by the Vanke incident, which has affected overall market sentiment [40][43]. - The future of the credit bond market will likely see a rise in credit risk premiums due to potential unexpected risk events, necessitating careful monitoring and strategic adjustments [52][68]. This summary encapsulates the key points discussed in the conference call, providing insights into the credit bond market's current state and future outlook, as well as the implications for investment strategies.

中国人民银行伊春市分行得知后，组织辖区银行机构走进企业，深入项目现场座谈交流。在中国人民银 行伊春市分行的统筹协调下，农业银行伊春市分行迅速入驻企业开展考察评估，一路畅通审批流程，及 时投放2亿元项目贷款，为项目建设注入金融"活水"，保障项目如期竣工、顺利投产。据介绍，该项目 投产后，企业陆续淘汰了原有部分落后工艺装备，每年可减少碳排放5.1万吨，烟气量可降低 30%~40%，节约煤气使用量6000Ｎm³/h。 据了解，2025年中国人民银行伊春市分行对支持建龙西钢发展进行了1次专题部署、组织开展2次现场走 访、推动银行机构完成了2轮全面对接，下沉金融服务资源，探索差异化支持方案，农业银行伊春市分 行等8家银行机构为企业提供贷款29.33亿元，有力地支持了企业绿色化转型。 建龙西钢仅是金融支持绿色转型升级的一个侧面，为全面推动绿色金融赋能伊春高质量发展，中国人民 银行伊春市分行牵头构建多维发力、协同推进的绿色金融发展体系。政策层面，印发5项专项文件搭建 发展路线图，推动成立市级工作专班统筹推进，建立信息共享机制提升服务效能，为绿色金融发展筑牢 制度根基。银企对接上，编制绿色企业和项目名录，搭建全链条支持体系， ...

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the reports. 2. Report's Core Views Steel Industry - Steel price center has risen, the basis of rebar has weakened, and the basis of hot-rolled coil has remained stable. Steel production and inventory reduction continue, with production decreasing by 6.7% from the high level. The inventory reduction is acceptable under the influence of production cuts, but the inventory structure is still differentiated. Rebar inventory reduction is good, and the inventory is running at a low level. After the production cut of hot-rolled coil, the inventory reduction is slow, and the inventory remains at a relatively high level year-on-year. Production cuts support steel prices, and with the stabilization of coking coal prices, steel prices have rebounded from the low level. However, the demand is weak, and the upward driving force is insufficient. Overall, it is expected to maintain a range-bound trend. It is estimated that rebar will maintain a range of 3000 - 3200, and hot-rolled coil will maintain a range of 3150 - 3350. The 1 - 5 positive spread of rebar can continue to be held, and the long position of the rebar - iron ore ratio arbitrage can be held [1]. Iron Ore Industry - Yesterday, the 09 contract of iron ore fluctuated. In terms of news, Beijing introduced policies to optimize and adjust the housing purchase restriction policy. Fundamentally, on the supply side, the global iron ore shipment decreased slightly month - on - month but remained at a high level in the same period of history. The end - of - year production rush of the two major mines still supports the supply. The arrival volume decreased slightly, and the absolute value is at a high level in the same period of history. According to the shipment calculation, the arrival volume will remain at a relatively high level in the next two weeks. On the demand side, the molten iron production continued to decline month - on - month, reaching a relatively low level in history. Steel mills may resume production, but the resumption strength is not expected to be strong. In terms of inventory, the inventory increased significantly on Monday. It is expected that with the arrival volume remaining at a moderately high level and the decline of the port clearance volume under production cuts, iron ore will continue to accumulate inventory, but the marginal inventory accumulation space will be less than before. The key to the future market lies in the BHP negotiation situation, the molten iron trend, and the steel mills' restocking expectations. In the short term, it is difficult for the supply - demand contradiction of iron ore to lead to a trend - like decline, and the price is obviously suppressed by high inventory. Considering the limited decline space of molten iron and the raw material restocking demand, it is expected that the iron ore price may rebound slightly. It is recommended to mainly conduct short - term range operations on the 05 contract, with the range referring to 760 - 810 [3]. Coke Industry - Yesterday, the coke futures fluctuated. On the spot side, on December 22, the third round of coke price reduction landed, and there is still an expectation of further price reduction in the short term. The port price fell in advance and is currently stable. On the supply side, the coal mine shipment has improved to some extent, the daily production has decreased slightly, and the coal mine has accumulated inventory due to poor sales. Near the end of the year, the coal mine production may continue to decline. In terms of imported coal, the port inventory continues to accumulate, and the Mongolian coal quotation fluctuates with the futures. At the end of the year, the customs clearance is at a high level, and the mines are rushing to ship. On the demand side, steel mills' losses have increased, and they have increased maintenance. The molten iron production has declined, and steel prices are fluctuating at a low level, with the intention to suppress coke prices. In terms of inventory, coking plants have accumulated inventory, while ports and steel mills have reduced inventory. The overall inventory has decreased slightly from the middle level, and the coke supply - demand has weakened. The coke futures have fallen in advance, and the spot price decline refers to the coking coal decline space. After the third round of spot price reduction, the basis has weakened, and the expected rebound is difficult to sustain. It is recommended to take profit on the long position of the 2605 contract of coke [5]. Ferrosilicon and Ferromanganese Industry Ferrosilicon - Yesterday, the main contract of ferrosilicon futures fluctuated, and the fluctuation range narrowed. In terms of news, a 40500kva ferrosilicon furnace in Shenmu stopped production, reducing the daily output of 75 ferrosilicon by 100 tons. An enterprise in Baotou resumed production of a 45000kva ferrosilicon furnace, increasing the daily output of 72 ferrosilicon by 120 tons. A 40500kva ferrosilicon furnace in Shaanxi affected the daily output by 100 - 120 tons, and the production suspension time is to be determined. On the supply side, the production in the main production areas decreased slightly month - on - month, and the production in low - cost areas is relatively stable. There is still an expectation of capacity transfer in Inner Mongolia recently, and the southern main production areas maintain production cuts. The production increase last week was mainly concentrated in Ningxia and Qinghai. Manufacturers' losses have continued to deepen, and they have alleviated the supply - demand contradiction through passive production cuts and transfers. In the future, the supply - demand contradiction of ferrosilicon is still difficult to resolve, but the production cut expectation has been somewhat priced in. The cost of blue carbon has decreased slightly, and the electricity price in low - cost areas has an advantage. The downstream steel mills have a strong price - pressing sentiment. In terms of inventory, the factory inventory remains at a high level, and the production cut is insufficient, resulting in a limited month - on - month and year - on - year inventory reduction. The molten iron production will continue to decline, but the downward space may be limited. In the short term, the demand for ferrosilicon in steelmaking and casting will maintain a contraction pattern. In terms of non - steel demand, the downstream restocking increases at the end of the month, but the downstream acceptance of high prices is poor. In terms of exports, the overseas market is in the off - season, and the export order transactions are scarce. It is expected that the price will continue to be weak, but the trend decline is limited. It is recommended to consider shorting when the price rebounds above the spot cost in Ningxia, mainly for short - term operations. The short - term price is expected to fluctuate in the range of 5500 - 5700 [6]. Ferromanganese - Yesterday, the main contract of ferromanganese futures fluctuated. In terms of news, a high - silicon ferromanganese plant in Inner Mongolia recently converted two ore - smelting furnaces to produce ferromanganese 6517. The subsequent specific production situation depends on the actual production of the factory. On the supply side, the production in the main production areas decreased slightly month - on - month, and the production in low - cost areas is relatively stable. There is still an expectation of capacity transfer in Inner Mongolia recently, and the southern main production areas maintain production cuts. The cost of manganese ore is relatively stable, and some overseas mines have raised their quotations in January. The electricity price is basically stable, and the short - term manganese ore inventory provides certain cost support. The molten iron production has continued to decline, and the inventory contradiction of plates has intensified, but the inventory - to - sales ratio is still at a high level. The molten iron production will continue to decline, but the downward space may be limited. In the short term, the demand for ferromanganese will maintain a contraction pattern. In terms of inventory, the factory inventory remains at a high level, and the production cut is insufficient, resulting in a limited month - on - month and year - on - year inventory reduction. The downstream steel mills have a strong price - pressing sentiment. The overall supply - demand of ferromanganese is in a relatively balanced state, and the manganese ore provides certain support for the ferromanganese price. The key in the future lies in the production cut amplitude and the raw material restocking expectation of steel mills at the end of the year. In the short term, the supply - demand contradiction has been priced in, and there is no clear signal of a significant rebound. It is expected that the price will continue to be weak, but the trend decline is limited [6]. 3. Summary According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China remained unchanged at 3320 yuan/ton, 3170 yuan/ton, and 3260 yuan/ton respectively. The 05, 10, and 01 contracts of rebar increased by 8 yuan/ton, 4 yuan/ton, and 5 yuan/ton respectively. Hot - rolled coil spot prices in East China, North China, and South China remained unchanged at 3270 yuan/ton, 3180 yuan/ton, and 3260 yuan/ton respectively. The 05, 10, and 01 contracts of hot - rolled coil increased by 4 yuan/ton, 6 yuan/ton, and 7 yuan/ton respectively [1]. Cost and Profit - The billet price remained unchanged at 2950 yuan/ton, and the slab price remained unchanged at 3730 yuan/ton. The cost of electric - furnace rebar in Jiangsu increased by 5 yuan/ton to 3229 yuan/ton, and the cost of converter rebar in Jiangsu decreased by 11 yuan/ton to 3167 yuan/ton. The profit of hot - rolled coil in East China increased by 5 yuan/ton to - 6 yuan/ton, and the profit of hot - rolled coil in North China increased by 5 yuan/ton to - 96 yuan/ton. The profit of rebar in East China remained unchanged at 44 yuan/ton, the profit of rebar in North China increased by 5 yuan/ton to - 106 yuan/ton, and the profit of rebar in South China increased by 5 yuan/ton to 234 yuan/ton [1]. Production - The daily average molten iron production decreased by 2.4 tons to 226.6 tons, a decrease of 1.1%. The production of the five major steel products decreased by 8.3 tons to 798.0 tons, a decrease of 1.0%. The rebar production increased by 2.9 tons to 181.7 tons, an increase of 1.6%. Among them, the electric - furnace production increased by 1.8 tons to 29.3 tons, an increase of 6.3%, and the converter production increased by 1.2 tons to 152.4 tons, an increase of 0.8%. The hot - rolled coil production decreased by 16.8 tons to 291.9 tons, a decrease of 5.4% [1]. Inventory - The inventory of the five major steel products decreased by 37.3 tons to 1294.8 tons, a decrease of 2.8%. The rebar inventory decreased by 27.0 tons to 452.5 tons, a decrease of 5.6%. The hot - rolled coil inventory decreased by 6.4 tons to 390.7 tons, a decrease of 1.6% [1]. Transaction and Demand - The building materials trading volume increased by 0.7 to 8.6, an increase of 7.9%. The apparent demand of the five major steel products decreased by 4.4 to 835.3, a decrease of 0.5%. The apparent demand of rebar increased by 5.5 to 208.6, an increase of 2.7%. The apparent demand of hot - rolled coil decreased by 13.7 to 298.3, a decrease of 4.4% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of Carajás fines, PB fines, Brazilian blended fines, and Jinbuba fines were 836.9 yuan/ton, 846.8 yuan/ton, 843.1 yuan/ton, and 884.0 yuan/ton respectively. The 05 - contract basis of Carajás fines decreased by 1.0 yuan/ton to 57.4 yuan/ton, a decrease of 1.7%. The 05 - contract basis of PB fines increased by 0.1 yuan/ton to 67.3 yuan/ton, an increase of 0.1%. The 05 - contract basis of Brazilian blended fines increased by 1.2 yuan/ton to 63.6 yuan/ton, an increase of 1.9%. The 05 - contract basis of Jinbuba fines increased by 0.1 yuan/ton to 104.5 yuan/ton, an increase of 0.1%. The 5 - 9 spread decreased by 0.5 yuan/ton to 21.5 yuan/ton, a decrease of 2.3%. The 1 - 5 spread increased by 0.5 yuan/ton to 18.5 yuan/ton, an increase of 2.8% [3]. Spot Prices and Price Indexes - The spot prices of Carajás fines, PB fines, Brazilian blended fines, and Jinbuba fines at Rizhao Port were 870.0 yuan/wet ton, 791.0 yuan/wet ton, 821.0 yuan/wet ton, and 736.0 yuan/wet ton respectively. The Singapore Exchange 62% Fe swap remained unchanged at 107.3 dollars/ton, and the Platts 62% Fe decreased by 0.5 to 107.8, a decrease of 0.4% [3]. Supply - The 45 - port arrival volume decreased by 76.7 tons to 2646.7 tons, a decrease of 2.8%. The global shipment volume decreased by 128.0 tons to 3464.5 tons, a decrease of 3.6%. The national monthly import volume decreased by 74.7 tons to 11054.0 tons, a decrease of 0.7% [3]. Demand - The daily average molten iron production of 247 steel mills decreased by 2.6 tons to 226.6 tons, a decrease of 1.2%. The 45 - port daily average port clearance volume decreased by 5.7 tons to 313.5 tons, a decrease of 1.8%. The national monthly pig iron production decreased by 320.6 tons to 6234.3 tons, a decrease of 4.9%. The national monthly crude steel production decreased by 212.6 tons to 6987.1 tons, a decrease of 3.0% [3]. Inventory - The 45 - port inventory increased by 130.2 tons to 15512.63 tons, an increase of 0.8%. The imported ore inventory of 247 steel mills decreased by 110.3 tons to 8724.0 tons, a decrease of 1.2%. The inventory available days of 64 steel mills increased by 1.0 to 21.0, an increase of 5.0% [3]. Coke Industry Coke - Related Prices and Spreads - The warehouse - receipt price of Shanxi quasi - first - grade wet - quenched coke remained unchanged at 1561 yuan/ton. The 01 and 05 contracts of coke increased by 3 yuan/ton and 5 yuan/ton respectively. The 01 and 05 basis of coke decreased by 3 yuan/ton and 10 yuan/ton respectively [5]. Coking Coal - Related Prices and Spreads - The warehouse - receipt price of Shanxi medium - sulfur primary coking coal remained unchanged at 1230 yuan/ton. The 01 and 05 contracts of coking coal increased by 3 yuan/ton and 7 yuan/ton respectively. The 01 and 05 basis of coking coal increased by 14 yuan/ton and 10 yuan/ton respectively [5]. Supply - The daily average production of all - sample coking plants decreased by 1.0 tons to 63.0 tons, a decrease of 1.5%. The daily average production of 247 steel mills decreased by 0.1 tons, a decrease of 0.3%. The raw coal production decreased by 2.7 tons to 853.4 tons, a decrease of 0.34%. The clean coal production decreased by 0.6 tons to 438.2 tons, a decrease of 0.1% [5]. Demand - The molten iron production of 247 steel mills decreased by 2.6 tons to 226.6 tons, a decrease of 1.2%. The daily average production of all - sample coking plants decreased by 1.0 tons to 63.0 tons, a decrease of 1.5% [5]. Inventory - The total coke inventory decreased by 3.3 tons to 900.5 tons, a decrease of 0.4%. The coke inventory of all - sample coking plants increased by 3.8 tons to 91.1 tons, an increase of 4.3%. The coke inventory of 247 steel mills decreased by 1.5 tons to 633.7 tons, a decrease of 0.2%. The coking coal inventory of all - sample coking plants decreased by 1.0 tons to 1036.3 tons, a decrease of 0.1%. The coking coal inventory of 247 steel mills increased by 10.3 tons to 805.0 tons, an increase